New Issue: Pentair Finance prices $400 million of 4.5% 10-year notes at 245 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 12 – Pentair Finance Sarl sold $400 million of 4.5% 10-year senior notes (Baa3/BBB-) on Wednesday at a spread of Treasuries plus 245 basis points, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.393 to yield 4.576%.

J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., MUFG and U.S. Bancorp Investments Inc. were the bookrunners.

The issue is guaranteed by Pentair plc and Pentair Investments Switzerland GmbH.

Proceeds will be used to repay commercial paper issued by Pentair Finance and for general corporate purposes.

Pentair is a Minneapolis-based company mostly providing equipment related to water.

Issuer:	Pentair Finance Sarl
Guarantors:	Pentair plc and Pentair Investments Switzerland GmbH
Amount:	$400 million
Description:	Senior notes
Maturity:	July 1, 2029
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., MUFG and U.S. Bancorp Investments Inc.
Senior co-managers:	Wells Fargo Securities, LLC and HSBC Securities (USA) Inc.
Co-managers:	BBVA Securities Inc., BMO Capital Markets Corp., Telsey Advisory Group LLC, Deutsche Bank Securities Inc., Loop Capital Markets LLC, ING Financial Markets LLC and PNC Capital Markets LLC
Coupon:	4.5%
Price:	99.393
Yield:	4.576%
Spread:	Treasuries plus 245 bps
Call features:	Make-whole call before April 1, 2029 at Treasuries plus 40 bps; thereafter at par
Trade date:	June 12
Settlement date:	June 21
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	SEC registered

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